Here are 1-3 brief analogies for Trustmark (TRMK):

• It's like a regional Truist or PNC, offering a broad suite of banking, wealth management, and insurance services.
• Imagine a smaller U.S. Bank that serves a regional market with traditional banking, wealth management, and insurance products.

Trustmark (TRMK) offers a range of financial products and services, primarily categorized as follows:

• Deposit Accounts: Provides checking, savings, money market, certificates of deposit, and individual retirement accounts.
• Commercial Loans: Offers financing for commercial and industrial projects, income-producing real estate, owner-occupied real estate, and construction and land development.
• Consumer Loans: Delivers installment loans, real estate loans, and lines of credit for individual customers.
• Treasury Management Services: Supplies services to help businesses manage their cash flow and financial operations efficiently.
• Mortgage Banking Services: Includes construction financing, origination of conventional and government-insured mortgages, secondary marketing, and mortgage servicing.
• Wealth Management & Trust Services: Administers personal trusts and estates, manages investment accounts, and provides financial and estate planning.
• Securities Brokerage: Facilitates the buying and selling of securities for individuals and institutions.
• Commercial Insurance: Provides business insurance products and group life and health plans for various industries.
• Personal Insurance: Offers life and health insurance, along with personal line policies for individual customers.

Trustmark (TRMK) provides banking and financial solutions to a broad and diverse customer base, encompassing both individuals and various types of corporate institutions and businesses. Given the nature of its services as a bank holding company, it does not typically have a concentrated list of named major customer companies. Instead, its major customers can be effectively described through the following categories:

• Individual Customers: This group includes people seeking personal financial services such as checking, savings, and money market accounts; certificates of deposits and individual retirement accounts; installment and real estate loans, and lines of credit; mortgage banking services (including conventional and government-insured mortgages); wealth management and trust services (e.g., administration of personal trusts and estates); financial and estate planning; and personal life and health insurance policies.

• Corporate Institutions and General Businesses: This category encompasses a wide array of companies and organizations that utilize Trustmark for commercial and industrial project financing, income-producing commercial real estate loans, owner-occupied real estate financing, construction and land development financing, treasury management services, management of investment accounts for employee benefit plans and charitable foundations, corporate trust and institutional custody, securities brokerage, and general business insurance products.

• Specific Industry Businesses: Trustmark's insurance segment specifically caters to businesses within identified sectors such as medical professionals, construction, manufacturing, hospitality, and real estate. These customers receive specialized business insurance products and services tailored to their industry needs, as well as group life and health plans for their employees.

Duane A. Dewey, President and Chief Executive Officer

Mr. Dewey was appointed President and Chief Executive Officer of Trustmark Corporation and Trustmark National Bank effective January 1, 2021. He has a distinguished 35-year career in the financial services industry, with 17 of those years at Trustmark. Prior to his appointment as CEO, he served as President and Chief Operating Officer of Trustmark National Bank. Mr. Dewey joined Trustmark in 2003 as President of the Investment Services Division. Before joining Trustmark, he was associated with Provident Financial Group for six years, where he held various executive management assignments, including Senior Vice President and Managing Director of Provident Financial Advisors. Earlier in his career, he spent thirteen years with Bank of America, directing a Private Client Group regional office and holding positions in Corporate Banking. He holds undergraduate and graduate degrees in Finance from Louisiana State University.

Thomas C. Owens, Treasurer and Principal Financial Officer; Chief Financial Officer, Trustmark National Bank

Mr. Owens currently serves as Treasurer and Principal Financial Officer of Trustmark Corporation and Chief Financial Officer of Trustmark National Bank, a position he assumed effective March 1, 2021. He succeeded Louis E. Greer upon Mr. Greer's retirement. Prior to this role, Mr. Owens served as Executive Vice President and Bank Treasurer of Trustmark National Bank since 2013.

Granville Tate, Jr., Secretary; Chief Administrative Officer of Trustmark National Bank

Mr. Tate serves as Secretary for the Boards of Directors of Trustmark Corporation and Trustmark National Bank. He also holds the position of Chief Administrative Officer of Trustmark National Bank. He previously served as Executive Vice President, Chief Risk Officer, and General Counsel of Trustmark National Bank.

Robert Barry Harvey, Chief Credit and Operations Officer of Trustmark National Bank

Mr. Harvey holds the title of Chief Credit and Operations Officer of Trustmark National Bank.

Wayne Art Stevens, President, Retail Banking, Trustmark National Bank

Mr. Stevens is the President of Retail Banking for Trustmark National Bank.

Key Risks to Trustmark (TRMK):

1. Credit Risk and Economic Downturn: Trustmark's extensive lending activities, including commercial and industrial loans, various real estate loans (commercial, owner-occupied, construction, and land development), and mortgage banking, expose the company to significant credit risk. An economic downturn could lead to increased loan defaults, higher loan loss provisions, and reduced demand for new credit, directly impacting the company's asset quality and profitability.
2. Interest Rate Fluctuations: As a bank holding company, Trustmark's financial performance is highly sensitive to changes in interest rates. Fluctuations in interest rates can affect the company's net interest margin (the difference between interest earned on assets and interest paid on liabilities), the volume of mortgage originations, and the value of mortgage servicing rights, thereby impacting its overall revenue and profitability.
3. Intense Competition and Technological Disruption: Trustmark operates in a highly competitive financial services industry, facing competition from larger national and regional banks, credit unions, and non-bank financial institutions, including fintech companies. This competition, coupled with the ongoing need to invest in technology to meet evolving customer expectations and operational efficiencies, could impact the company's ability to attract and retain customers, grow deposits, originate loans, and maintain profitability across its general banking, wealth management, and insurance segments.

For Trustmark (TRMK), the addressable markets for their main products and services in the United States are as follows:

• Retail Banking: The U.S. retail banking market size was valued at approximately USD 870 billion in 2025.
• Commercial Banking: The U.S. commercial banking market size stood at approximately USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
• Wealth Management (Private Banking segment): The U.S. private banking market was valued at approximately USD 59.54 billion in 2025.
• Business Insurance: The United States commercial insurance market size reached approximately USD 294.6 billion in 2024.
• Life and Health Insurance:
  • The United States health and medical insurance market is estimated at approximately USD 1.65 trillion in 2026.
  • The life insurance market in the United States is expected to reach a projected revenue of approximately USD 848.14 billion by 2027.
• Personal Lines Insurance: Direct premiums written for personal lines of business (including homeowners, farmowners, and private auto) in the U.S. hit approximately USD 534.92 billion in 2024.
• Mortgage Origination: The total single-family mortgage origination volume in the U.S. is expected to increase to approximately USD 2.2 trillion in 2026.
• Mortgage Servicing: null

Trustmark Corporation (TRMK) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Growth in Loans and Deposits: Trustmark anticipates mid-single-digit growth in both loans held for investment and deposits for the full year 2026. This consistent expansion of its core banking business is a fundamental driver of revenue, as indicated by management's outlook.
2. Optimization of Net Interest Margin (NIM): The company forecasts its net interest margin to be in the range of 3.8% to 3.85% for the full year 2026, with net interest income also projected to increase by mid-single digits. Effective management of NIM, which is the difference between interest earned on assets and interest paid on liabilities, is crucial for enhancing net interest income.
3. Expansion of Wealth Management Services: Trustmark's wealth management business has demonstrated strong performance, with revenue reaching an all-time high and increasing significantly year-over-year in recent quarters. This segment represents a growing source of non-interest income for the company.
4. Strategic Talent Acquisition and Market Penetration: Trustmark is actively recruiting and adding established relationship managers and production talent to accelerate profitable growth in key markets across its franchise, including areas like Houston, Birmingham, and Atlanta. This organic growth initiative aims to deepen customer relationships and expand market share.
5. Improved Performance in Mortgage Banking: Despite a challenging operating environment, Trustmark's mortgage business has shown increased production and significant improvements in profitability, with mortgage banking revenue rising substantially. Continued strong execution in this area is expected to contribute to revenue growth.

Share Repurchases

• Trustmark's Board of Directors authorized a new stock repurchase program allowing for the acquisition of up to $100 million of its common shares from January 1, 2026, through December 31, 2026.
• In 2025, the company repurchased $80 million, or approximately 2.2 million shares, of its common stock.
• During the fourth quarter of 2025, Trustmark repurchased $43 million, or approximately 1.1 million shares, of its common stock.

Share Issuance

• In late 2025, Trustmark issued $175 million of 6.00% fixed-to-floating rate subordinated notes due 2035.
• The net proceeds from this offering, approximately $173.1 million, were used to repay $125 million of existing subordinated notes due 2030, with the remainder allocated for general corporate purposes.

Capital Expenditures

• Trustmark Corp invested $3.5 million in capital expenditures in the fourth quarter of 2025.
• The company continues to invest in technology and infrastructure to enhance efficiency and productivity.
• Trustmark plans to leverage investments in technology to broaden its reach, enhance customer experience, and improve efficiency.